Suburban Realty can help you with financing a home.
A lot of people think applying for the mortgage loan is one of the most distressing elements of buying a house, but it doesn't have to be.
I have a close business relationship with many mortgage lenders in the Anchorage area, and they've helped me recognize some things that make the process of applying for a loan much easier.
1 – Compose a list of questions regarding your loan program
If you find that you do not fully understand the advantages and disadvantages of all the different programs, make sure you bring a list of questions with you.
It can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program.
2 – Determine when to lock
By locking in the rate, the lender is guaranteeing the interest rates for the loan – often at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who decide to float conclude that the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your rate
When you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan.
To determine if you should buy points, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.